A widely respected trader believes the cryptocurrency market is poised for another development, this time with altcoins leading the rally.
Analyst Michaël van de Poppe told his 685,300 followers on social media platform
According to traders, a rally is likely as altcoins take center stage while Bitcoin (BTC) goes through a period of consolidation.
“The total market capitalization of cryptocurrencies appears to be gearing up for another push towards $2.1 trillion, but this will be done through coins other than Bitcoin.
A period of consolidation is likely to occur before the next impulse.”
Looking at the trader’s charts, he seems to be implying that TOTAL will hit a $2.1 trillion valuation before April. As of this writing, TOTAL is trading at $1.578 trillion.
Van de Poppe said his outlook on the Bitcoin Dominance (BTC.D) chart supports his bullish stance on altcoins. BTC.D, which measures Bitcoin’s share of the cryptocurrency market, appears to be repeating a pattern seen in 2016 and 2020, when it hit record highs just before the Bitcoin halving, according to analysts.
The halving, which will halve BTC miners’ rewards, is scheduled for April 2024.
Van de Poppe said:
“Bitcoin dominance peaked a few months before the Bitcoin halving.
History repeats itself.
This happened in 2016, 2020, and is likely to happen in 2024 as well.
“Once Bitcoin bottoms, I expect altcoins to start performing better.”
As for Bitcoin itself, Van de Poppe thinks BTC will fall to around $36,000 before hitting a regional bottom.
“Perhaps we have already reached Bitcoin but it will most likely be tested lower before a reversal occurs.
My personal interest is in raising more money in Bitcoin between $36,000-$40,000.
The scope remains defined.”
As of this writing, BTC is worth $41,106.
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Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia